Aqua-Leisure acquires INYO Pool Products

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Martin Stein. Courtesy Blackford Capital

Blackford Capital’s aquatics and leisure portfolio just got one company stronger.

Grand Rapids-based Blackford Capital said Wednesday, April 6, its Avon, Massachusetts-based portfolio company Aqua-Leisure Recreation acquired Longwood, Florida-based INYO Pool Products, a direct-to-consumer brand of swimming pool supply, repair and maintenance products.

Terms of the deal were not disclosed.

The acquisition of INYO Pool adds to Aqua-Leisure’s bevy of aquatic recreational brands, including Airhead, Aqua, Dolfino, Sportsstuff, SwimSchool and Yukon Charlie’s.

“We welcome the INYO team to Aqua-Leisure and believe we will have significant synergies with the INYO family of brands. By applying our significant global sourcing efficiencies to INYO, we expect an accelerated level of margins and value creation,” said Steve Berenson, CEO of Aqua-Leisure.

“Having just passed the first 100 days since we acquired Airhead, the No. 1 brand in the marine towable watersports and winter leisure products, we are pleased at how well the integration process has gone. We’ve seen tremendous success across our management, product, finance, sales, operations and sourcing teams and anticipate similar results with our consolidation of INYO into the Aqua Leisure family.”

The INYO acquisition is the second add-on acquisition for Aqua-Leisure since Blackford Capital acquired the company in January 2021, with the first being Airhead Sports Group.

“The anticipated synergies from the recent acquisition of Airhead have quickly come to fruition for the combined Aqua-Airhead team, with enhanced scale, brand value and e-commerce offerings,” said Martin Stein, founder and managing director at Blackford Capital. “Now, with the addition of INYO Pool Products, Aqua-Leisure gains an expanded product portfolio, enhanced channel expansion capability, platform cross-selling opportunities and increased sourcing efficiencies.”

Effective with this acquisition, John Paroline will become president and general manager for INYO Pool, reporting to Leland Nichols, Aqua-Leisure’s COO. INYO co-founder Patrick Paroline will continue with the company as director of strategy and new products. Day-to-day operations at INYO Pool’s Longwood facility will remain unchanged.

“It has been a wonderful adventure to work alongside my brother Patrick and best friend for the past 15 years, building INYO into the preferred brand for do-it-yourself swimming pool repair and maintenance,” John Paroline said. “As part of the Aqua-Leisure portfolio of brands, I know we will continue to grow.”

Orchard MB served as exclusive financial adviser and Burr & Forman served as legal adviser to INYO.

Varnum served as legal adviser and Grant Thornton served as the financial and tax adviser to Blackford.

Key Bank provided debt financing, and Muzinich & Co. and Capital Dynamics provided debt and equity financing in support of the transaction.

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